Opec’s role in volatility is reinforced by three factors suggests Morse: first, increased internal factionalism and the politics of consensual decision making; second, Opec’s greater prominence in incremental oil supply; and third, Opec’s own demand growth

Low prices (circa 1998) offered an “incentive for collaboration” given shared goals, but as prices have risen, this has disappeared and socio-political agendas have come in to play. This includes the anti-US positions of Iran and Venezuela and the effectively under-the-radar transactions with countries like China, whose customs reporting is err… insufficient....MORE